Gold Price dips to lows near $1,185

San Francisco (Apr 22) The demand for the yellow metal remains subdued on Wednesday, now dragging the troy ounce to session lows near $1,185.

Gold in multi-day lows

The better-than-expected results from the US housing sector gave extra legs to the stock markets, accelerating at the same time the selling pressure around the precious metal.

The steady stance around the greenback also played against any recovery attempt by the troy ounce of the precious metal, which keeps trading in levels last seen a week ago.

Gold levels to consider

The metal is now retreating 1.28% at $1,187.07 with the next support at $1,184.00 (low Apr.14) ahead of $1,180.50 (low Apr.1). On the flip side, a break above $1,236.79 (high Feb.16) would aim for $1,245.91 (high Feb.10) and finally $1,285.80 (high Feb.3).